Indraprastha Medical Corp hits 52-week high as HDFC Bank offloads 27.8 Lakh shares

5 Apr 2024 , 01:29 PM

Indraprastha Medical Corporation rose as much as 19% in early trading on April 5 after India’s largest private lender HDFC Bank sold 27.8 lakh shares in the medical company. The counter hit a new 52-week high of ₹249.

HDFC Bank sold 3.03% of Indraprastha Medical Corporation’s entire share capital for ₹55.46 Crore in cash. The average price for shares traded between February 29 and April 4 was roughly ₹199.38. Following the deal, HDFC Bank owns 2.45% share of the medical company.

At around 1.21 PM, Indraprastha Medical Corp was trading 16.75% higher at ₹242.50, against the previous close of ₹207.70 on NSE.

Indraprastha Medical maintains two hospitals: one in New Delhi and one in Noida. It is backed by the Delhi government and Apollo Hospitals.

In 2023, the Indraprastha Apollo institution was engaged in controversy after the British newspaper Telegraph revealed that the institution was recruiting young Myanmar peasants to come to Delhi to sell their kidneys to wealthy patients all over the world.

Over the last year, shares of the hospital operator have increased by more than 200%, doubling the wealth of its owners. In comparison, the benchmark Nifty 50 index has risen by roughly 28% throughout the same period.

At around 1.23 PM, HDFC Bank was trading 1.51% higher at ₹1,550.60 per piece, against the previous close of ₹1,527.60 on NSE.

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